It costs 649k, for which we'd down pay 130k and take out a 15 yr ~6.25% fixed rate mortgage for the remaining 519k.

If you're charging them a friendly family rate significantly under market - it is a personal use property, and no expenses are allowed other than mortgage interest and property taxes, and those may be useless anyway.

The property is investment property and already has an existing home on it.

See why I tell you,  "there doesn't exist a system that can find you motivated sellers...

Finding a property that already has an existing repeat guest list is a great way to start out, and these homes can often be purchased turnkey during the right time of year.

I am finding properties that are not in that much tax debt that are completely paid off (this matters in NM because other liens like a mortgage are not erased with a tax deed auction like many other states).

Mortgage rates will most likely be higher on a condo vs sfh though.

The rental market is strong here and you shouldn't have a problem minimizing your mortgage.

Now, our mortgage broker has a new title company but I am afraid we will have to same issue.

Furnished Finder for example depending on your market may not be the best option if you're renting out an entire place because nurses might not want to pay what you need just to make the mortgage and utilities however if you are renting by the room it may make more sense but of course, all of this is market dependent.